Uk’s Defence Ministry To Release Radio Waves For 4g Use

A plaque is seen on the Ministry of Defence building entrance in London, September 15, 2010. REUTERS/Suzanne Plunkett

Officials say the expected stock sale will be open to members of the public as well as to larger institutional investors. The minimum investment will be set at 750 pounds ($1,185) with Royal Mail employees getting a slice of the stock offering. Plans call for 10 percent of the stock to be given to U.K.-based Royal Mail employees, with 41 percent to be sold to the public, including institutional investors. Cable said the announcement marks the third and final part of the reforms agreed in Parliament two years ago. “These measures will help ensure the long-term sustainability of the six-days-a-week, one-price-goes anywhere universal postal service,” he said, predicting a “healthy future” for the company. Business minister Michael Fallon said the privatization is the “final step” toward modernizing the business and opening the door toward investment. He said there is “sufficient” interest from potential investors to justify the sale. The government did not provide details about how the stock will be priced at the initial public offering. Even as the announcement of the IPO was made, the Communications Workers Union was planning to ballot workers for possible strike action. The union is opposed to the stock plan because of fears of potential job losses. There are concerns the threat of industrial action may damp demand for the stock. But Britain’s government is determined to move forward, describing the privatization as critical to the future of Royal Mail, which has seen its revenues shift more toward packages and away from the mail of the past. The privatization spells a major change for the long-established mail service.

Live Updates: UK vs Louisville

More than a million people are employed by businesses showing signs of acute distress, according to the Association of Business Recovery Professionals, R3. If recovery does kill off the weakest, that may mean unemployment gets worse before it gets better, which in turn may be a cue for the Bank of England to keep interest rates lower for longer, casting its forward guidance in a new light. “A growth in activity means a growth in competition – demand for working capital – and those that can’t keep pace potentially fall behind or over-extend themselves,” said Lee Manning, a partner at accountants Deloitte. The “zombie” phenomenon emerged in the 1980s and 1990s when U.S. savings and loan associations and Japanese banks staggered on thanks to cheap money. In the UK now, “zombie” firms are commonly defined as loss-makers which, helped by low borrowing costs, can only service their debts. Cash is so tight, even a slow month in the holiday season can finish them off. Where past “zombies” have been mainly in financial sectors, experts say Britain’s are widely spread, including service companies, manufacturers, builders and retailers squeezed by recession and online shopping. To prove this, insolvency experts refer to company failures. These jumped in the months after the financial crisis began, then fell sharply in 2009 as the Bank kept shaving rates. Now as demand is picking up, so are insolvencies: In the second quarter they ran at about 4,000 a month, says Britain’s Insolvency Service.

UK recovery may be kiss of death for some ‘zombie’ firms

Credit: Reuters/Suzanne Plunkett LONDON | Fri Sep 13, 2013 1:26pm BST LONDON (Reuters) – Britain’s defence ministry plans to release a large chunk of radio waves to regulator Ofcom for commercial use, in a move aimed at helping meet the country’s growing demand for mobile data. Radio airwaves, known as the real estate of the mobile industry, have been the subject of hotly fought auctions between mobile operators such as Vodafone and EE who are racing to roll out superfast 4G services. The Ministry of Defence (MoD) said on Friday it was preparing to release around 200 Megahertz (MHz) of radio airwaves to Ofcom, which plans to put the spectrum on the market in 2015/16. It said the airwaves being released were all below 15 GHz, which is regarded as the most useful and valuable part of the radio spectrum because of its wide range of applications. “Demand for additional spectrum is currently high, fuelled by the needs of consumers to access video and data-hungry applications on their smartphones and tablets,” the MoD said in a statement. “The spectrum being released can help meet this demand by supporting the expansion of fourth-generation mobile services to more people in cities, towns and villages across the UK.” The move is part of a government commitment to release at least 500 MHz of airwaves below 5 GHz by 2020 for new mobile commercial users. The MoD spectrum to be released will have no impact on the national security or operational effectiveness of the armed forces, Minister for Defence Equipment, Philip Dunne, said. In February, Ofcom raised 2.3 billion pounds from an auction of 250 MHz worth of 4G airwaves. The MoD said it was not issuing a figure for how much the next release is expected to raise. ($1 = 0.6319 British pounds)

U of L in Lexington, Ky., at Commonwealth Stadium on Saturday Sept. 14, 2013. Photo by Emily Wuetcher | Staff Louisville leads UK 10-3 at halftime at Commonwealth Stadium. Fumbles by each team resulted in field goals in the first quarter. In the second quarter, Louisville put together the games first touchdown-scoring drive. Early in the first quarter, UK sophomore Jalen Whitlow fumbled on the UK 27 yard line, resulting in a 36-yard Louisville field goal. Louisville junior wide receiver DeVante Parker fumbled on the UK 41 yard line late in the first quarter. UKs drive ended on the Louisville 20 yard line and was capped by a 37-yard field goal. With 2:36 remaining in the second quarter, Parker caught a 13-yard touchdown pass from junior quarterback Teddy Bridgewater to put the Cards up 10-3. That play finished an 11 play, 52-yard drive. A fumbled hand-off between UK sophomore quarterback Max Smith and senior running back Raymond Sanders ended a four play, 61 yard drive.